Socialism (or Marxism)

An economic system in which the basic means of production are primarily owned and controlled collectively, usually by government under some system of central planning.

Communism, or “scientific socialism”

Communism is usually considered to be a branch of socialism, a broad group of social and political ideologies, which draws on the various political and intellectual movements with origins in the work of theorists of the Industrial Revolution and the French Revolution.

Capitalism is an economic system characterized by freedom of the market, system built upon the profit motive. An economic system based on the private ownership of the means of production and distribution of goods. Also promotes a free market regulated by supply and demand.

Due to recent fuel prices and the downturn in traffic, India’s largest private-sector carrier Jet Airways on Wednesday announced laying off 1,900 of its employees across all operations.

Jet Airways Executive Director B Saroj Dutta told reporters in Mumbai

It is an unfortunate decision, which all of us in the company regret but it is an attempt to save the company and the jobs of the remaining employees.

US credit crisis threatens

PepsiCo, beverage and food company based in Purchase, New York, announced plans on Tuesday to cut 3,300 jobs as it reported a 10 percent decline in third-quarter net income.

In a statement Pepsi said, The quarter was hurt by continued weakness in its U.S. liquid refreshment beverage category, which resulted in disappointing performance in its domestic beverage business.